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Lest,

True, it will take a few wells to prove up the 13TCF resource, however, if the first well comes up with the bacon, then there will be alot of speculative money flow into the PEP11 stocks on anticipation of further successes... If the first well does come in, then expect a 2nd well to be drilled next year sometime, perhaps even by mid year...

If the first well is a duster, they still are committed to drilling another well in PEP11. True, the funds will be an issue, but this is not a one drill campaign, there has been too much research going into this to just drop everything after one unsuccessful try.

We haven't heard anything from the indians yet either... This could be a wild card going into next year, do not discount it, the indians want our gas resources!

MJM23, yes most of the selling IMO is due to the MEO/MOG failure, and alot of people would have been invested in both Artemis-1 and Seaclem-1, and seeings though Artemis-1 was a failure, alot of people wouldn't want to risk more money for this drill, hence taking profits...

Another reason is probably due to the fact that alot of investors were always going to sell out before spud, but expected a higher price. When the higher price was not forthcoming, they had to sell out just before drill at a lower price, this is just the trading techniques/risk tolerance of investors.

If in fact that this 80% chance comes in in the next week, there will be major investors taking a keen interest, as well as the indians, this could be massive and I hold very high hopes of Seaclem-1 and the rest of PEP11...

Good luck all, we need a good xmas present!